The Ethereum Merge: Are Investors Backing Out?
- By Bilal Hafeez and Dalvir Mandara
- 12 min read
Summary
Trading View (next 2-4 weeks): We like to be bearish ethereum.
Investment View (next 1-3 years): We like to hold ethereum.
Macro Signals
- The next FOMC meeting will likely deliver a rate hike of 75bps.
- Crypto markets are still feeling the effects of the crypto credit crunch.
- The probability of a recession remains above 50%.
- The macro backdrop is bearish for ethereum.
On-Chain/Flow Signals
- We have five bearish signals and two neutral signals this week.
Overall View
- With the macro backdrop bearish and on-chain/flow metrics very bearish, our overall signal is more bearish ethereum (Chart 1).
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